Educational Loan in Banks

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Bank Education Loan

A good number of nationalized banks in India have come up with diverse schemes for providing financial assistance to young scholars, to enable them to fulfill their dreams. According to a circular recently released by the RBI, for studies within the country the ceiling of the loans provided is approximately ₹ 7.5 lakhs, while it is ₹ 15 lakhs for higher studies abroad.

In order to make higher education more accessible, the existing bank education loan schemes will be liberalised so that funds will be available at 200 basis points below the Prime Lending Rate ( PLR ).

Currently, on an average, banks charge PLR for loans upto ₹ 4 lakh and PLR+1% for loans over 4 lakh. As of now, 10.75% is the benchmark PLR rate for loans below ₹ 4 lakh and 11.75 for those above it. These loans could be priced at 8.75% once the proposed subsidy scheme is implemented.

Education Loan Schemes of Various Banks
1. Allahabad Bank 12. IDBI Money Scholar
2. Andhra Bank 13. Indian Bank
3. Bank of Baroda 14. Indian Overseas Bank
4. Bank of India 15. Punjab National Bank
5. Bank of Maharashtra 16. State Bank of Hyderabad
6. Bank of Punjab 17. State Bank of India
7. Canara Bank 18. State Bank of Mysore
8. Central Bank 19. Syndicate Bank
9. Dena Bank 20. UCO Bank
10. Federal Bank Ltd 21. Union Bank of India
11. HDFC 22. Vijaya Bank

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Application Form Submission 16 Dec 2020 to 16 Jan 2021.